California Housing Update

According to the California Association of Realtors, the median price to own a home in California as of August 2019 is $617,410. In San Diego the average price for a single family residence in August 2019 was $645,000.

San Diego

Articles on the housing market in California

AirBNB pledge $25 million to support affordable housing and small business. Click here to read full article.

2019 Mid-year market forecast from The California Association of REALTORS. Click here to read full article.

How the Fed rate cuts affect you. Click here to read full article.

Where Are Rates Today?

It’s still a good time to purchase or refinance. Conforming interest rates today are in the high 3% range-low 4%. If you financed a property last year, owner-occupied or rental property or completed a refinance, it may a good time to lower your rate and payment. We offer a free, no obligation review of your current mortgage loan to verify if a refinance will lower your payment and start saving you money.

Loan Programs such as CALHFA with little to no money down and Government loan programs such as FHA and VA are available and assist first time buyers and repeat buyers with low interest rates and higher loan amounts with less money down.

FREE, No Cost, No Obligation review and quote to purchase property in California. Contact us today!

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Protect Your Identity Now

Protect Your Identity

Protect Your Identity

The three credit bureaus, Experian, Equifax and TransUnion all offer identity theft protection. With many websites being unsecured sites, your password, credit card information and personal data may be easily exposed. Many credit card companies offer fraud alerts when your card is used a text message or email is sent to determine the purchase is legitimate. Several offer an alert when your credit is pulled along with other caveats such as notifying you when your spouse has applied for credit and requiring both of you to consent.

All of these programs are meant to assist in protecting your identity. Experian recently posted a blog piece on this with a graphic entitled, Here’s How Much Your Personal Information is Selling for on the Dark Web.

Experian Identity Theft Protection.png

Experian offers a monitoring alert system for $5/month to inform you of inquiries and credit monitoring. Click here for more information. Disclaimer: This is NOT a paid partnership and we have not used their credit monitoring system.

These articles recently came to light on exposed credit and data breaches:

Forbes

CNBC

Credit Cards

Tracking and monitoring your credit is important, especially when you’re applying for credit such as a mortgage loan. Consistently maintaining accuracy on your credit report will save you a lot of time and frustration in the long run.


Loans Outside the Box

Home Sweet Home.

Home Sweet Home.

Non traditional mortgage loans are hot in any market. More so in places like California where not only is the heat on but home prices are high and the sunshine tax game is strong.

So how does one get into the market and buy a first home, second home, investment property, and beyond? Using a loan consultant with personalized service of your goals is vital.

What are the loan programs and do I qualify?

Stated Income-Stated income loans allow borrowers to “state” what they make on a loan application without sourcing pay-stubs, W-2’s, 1099’s or tax returns. Interest rates are typically higher and the required down payment is higher than traditional mortgage loans due to the risk factor of not verifying income. A good option for self-employed, 1099 and commission based borrowers.

Business Bank Statements-The lender verifies deposits for 12 or 24 months with this loan program. They look for patterns and will average the deposits to source income. Great for small businesses and self employed borrowers. Interest rates are competitive and slightly higher than traditional loans.

Self-Employed Loans-The two already mentioned are great options here. We can also use business tax returns to verify income based on the percentage owned of the business.

Multiple Borrowers-Many loan programs allow multiple borrowers living in the home or not to qualify together. This is a great option for all families and people seeking to purchase and own a percentage of the property. It is always important to consult with a real estate attorney before closing escrow to understand how percentages work and what you agree upon with your co-borrowers.

Non-Occupant Borrowers-This one is used frequently when qualifying for the loan. This is often a relative or family member who is willing to lend their credit and income to qualify but does not live in the home or make payments on the loan. Great option to get into the real estate market.

New Doctor Loans-This is a niche product and based on the earning potential of a new doctor that may have student loan debt. There is a formula used to qualify new doctors at competitive interest rates and loan programs.

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How Much Money Do I Need?

Out of the box loans are going to cost more on the down payment and possibly closing costs. Each loan scenario is different and best to understand before taking the leap. 20% is ideal plus 3% in closing costs off the purchase price of the home. More or less may be required.

Don’t wait until another real estate cycle passes you by. Do it now.

What is Non-QM and How It May Affect You

Non-QM Loans

A Non-Qualified Mortgage is offered referred to as a Non-QM loan. The simple answer is it fits borrowers that do not qualify for traditional standard qualified mortgage loan. When the market fell apart back in 2008, many of the “exotic” mortgage loans like pay-option ARM’s and other adjustable loans wiped many homeowners out of their homes. This is why Non-QM loans can be frowned upon, however, these loans are held to higher standards then their predecessor loans. Qualifying for a Non-QM although more lenient than traditional qualified loans is still difficult.

Non-QM Loans Are Growing In Larger Numbers

The popularity of these loans grows as Bankrate states with housing prices increase and qualifying in a traditional way becomes more challenging.

Three types of borrowers benefiting from Non-QM loans:

1. No income documentation-This is huge. Especially for self-employed, sub-contractor borrowers and even W-2 borrowers that have Schedule A deduction expenses. Some programs rely on bank statement deposits while others review assets. It’s no surprise this is a popular loan product for borrowers that don’t fit the mold.

2. Investors are interested in these loans based on qualifying factors for fix-n-flip properties and/or non-existent rental income while they rehab.

3. Borrowers that have credit issues such as Bankruptcy or lower FICO scores with late payments or a distressed sale utilize these loans.


If any of these apply to you or you’ve been declined or even know ahead of time, your loan is non-traditional, contact a mortgage broker for a free, no-cost evaluation of your loan scenario.



3 Reasons 100% Financing Is Better Than Renting

First Time Homebuyer

Owning a home is in the top 10 list of American dreams. With 100% financing it may not be as out of reach as you think. Consulting with a mortgage professional can help you determine eligibility and give you insight to the many factors that go into to buying a home.

Top 3 Reasons to Buy a Home in California

  1. Build Equity-Renting does not allow you to accrue equity by paying your monthly housing expenses. Equity builds as the value of a property rises and the payment is paid down. Owning a home allows you to use this equity in the form of cash-out on a refinance, a Home Equity Line of Credit which is similar to a credit card which may use for expenses like a kitchen remodel or pool installation and equity can be realized on the sale of the property as cash to you.

  2. Tax Deduction-Not everyone is eligible, however it’s worth consulting your CPA or accountant for tax deduction eligibility.

  3. You are the Landlord-Although maintenance and upkeep are your responsibility as a homeowner, your investment in the property in terms of curb appeal, remodeling, and other updates can increase the value of the property. If you decide to rent the property, you become the landlord and hopefully can benefit from the cash flow of rental income.

100% financing is commonly used by First Time Homebuyers. There are many programs to assist with homeownership that you may qualify for! Connect with us today! We would love to help determine if now is the time for homeownership!

First Time Homebuyers may be eligible for programs like CAL-HFA and Chenoa. Some of our programs have lower interest rates and allow you to finance the down payment and closing costs. Find out if you qualify today!

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How To Buy a Home in 2019 With No Money Down

Is it really possible to buy a home in California with the 4th largest homeless population, with a no money down home loan? The quick answer, yes. There are income limits and FICO score requirements so it doesn’t come without stipulations, however, there’s a chance you may qualify.

How Buying A Home With No Money Down Can Give You Instant Equity

From the moment you make your first payment, a portion (very small) goes to principal and reduces your overall balance. This builds equity. Equity that you may one day want to cash out by refinancing, selling the property or taking out a Home Equity Line of Credit. It builds your net worth and can cash flow for you down the road.

Build home equity no money down loan

Time builds equity. As the market ebbs and flows so does the equity in your property.

As you own the home, equity continues to grow in your property value. The average home price in California in 2013 was roughly $350,000 compared to 2018 at $574,000. Click here for housing statistics in California. Start now, earn equity while you pay your mortgage loan.

As you pay down principal, it becomes equity in the property you have to cash out.

Equity can be cased out through a refinance, home equity line of credit or selling the home. Many homeowners fund all or part of their retirement on home equity. Pay-off or consolidate debt, use for home improvement, purchase another home or transfer to a step-up home. The options are yours with equity.

Many home improvements add value to the property and increase equity.

Add square footage, upgrade a kitchen or bathroom or put in a pool. They all increase value, especially in high cost states like California. Buyers have come to expect it. If you are renting the property, these may not pay-off with rental income. You will need to run the numbers to realize if improvements are cost effective. Sellers know buyers want space and remodeled kitchen and bathrooms. Touch up paint and remember it’s not about your preferences and taste. Brokers encourage neutral colors and tones for this reason.

buying a home

CAL-HFA’s low to no cost home loans offer competitive interest rates to first time and repeat home buyers. Income requirements, FICO and debt-to-income ratio all factor in to determine eligibility. Speaking with a professional mortgage consultant that is approved to offer these home loans is worth the free consultation.

No Money Down Loans Key Features:

0% interest on closing costs

Deferred payment

Low interest rate loans for down payment that can be financed

Competitive interest rates on first mortgage

No money down

CALHFA 100% Financing for First Time Homebuyers in California

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The home buying market in California is tough. As a first time homebuyer without a non-occupant co-borrower or co-signer, can you really afford to purchase a home? Thanks to agencies like CAL-HFA, home ownership is possible with 100% financing.

CAL-HFA Program Requirements

*640 minimum FICO score

*Maximum debt-to-income ratio

*FHA, VA and Conventional loans available

*Non-occupant co-borrowers or co-signers are not allowed

Benefits of a CAL-HFA Loan

*0% interest program for down payment

*Lower Private Mortgage Insurance pricing

*First-Time Homebuyer, Teacher and School Employees eligible

*Limited FHA 203k for minor repairs only, no structural. Eligible $35,000 for minor repairs along with closing costs and down payment assistance.


House tools

Work with a CAL-HFA approved broker for wholesale pricing.

*24-48 hour pre-qualification

*Work with pre-approved brokers offering wholesale pricing

*Single Family Residences, Condos and Manufactured Homes eligible

*Ask your mortgage broker about California sales price limits in your county and the Fannie Mae Loan Limit

*Request the income limits in your area with a mortgage professional.

*We offer a free, no-obligation consultation for loans in California

CONTACT US TODAY!

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Rates Dropped in January and Housing Prices Still Rising

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Rates dropped this month and I encourage all on the fence purchasers and refinancers to lock now! We are currently in the low-mid 4% range for conventional conforming financing and mid-high 4% for high-balance conforming. With property values still steady pulling cash out to pay-off existing debt, renovate and remodel is still a viable option!

How Working With a Mortgage Broker Saves You Money

A consumer reports article on working with a mortgage broker can save you on your interest rate, especially as they begin to rise. Article here.

The Fed leaves rates unchanged. They will be “patient” on future increases. Read more here.

Realtors expect pending home sales to increase in 2019. Read more here.

Interesting Mortgage Related Articles

California Sues Huntington Beach for Snubbing Affordable Housing. Read more here.

As one of the highest priced areas in the country, 91% of San Franciscans agree “Somewhat or Very Expensive”. Read more here.

Builder hopes for better Spring as high prices and mortgage rates may be keeping some buyers out. Read more here.

San Diego County Average Home Sales

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Home Buying Statistics and Strategies for California

San Diego Homes and Sunsets

San Diego Homes and Sunsets

The median sales price is up 2.5% to $625,000 for detached homes and 3.5% to $419,000 for attached homes as of December 2018 in San Diego according to SDAR. Interest rates are the lowest we’ve seen in 4 months, hovering in the low-mid 4% range depending on credit and other lender guidelines. Inventory is up and days on the market a bit longer along with escrow days.

Affordability remains a major factor with buyers options to pay or buy down the interest rate with points, place more cash down to purchase or accept Private Mortgage Insurance with a Government Loan to qualify with a higher debt-to-income ratio. Paying discount points to “buy” down the interest rate and lower the payment-Click here.

CALHFA-The income limits for a CALHFA first and second mortgage in San Diego is $157,050 effective of 1/16/2018. Sales Price Limit Statewide: $765,000. LOW DOWN PAYMENT, GRANTS, 100% FINANCING IN SOME CASES. INQUIRE HERE.

5 Strategies Buyers Are Using to Purchase a Home In California

  1. FHA-Low down payment-3.5% down and allows higher debt-to-income ratio.

  2. CALHFA-Low to No Down Payment Options Available.

  3. VA-100% Financing Available.

  4. Buy Down Interest Rate to Lower Payment

  5. Add a Non-Occupant Co-Signer/Borrower

Road to Homeownership

The road to homeownership is accessible. Working with a knowledgeable professional is worth it’s a weight in Gold. Easy application. Apply today.

California Market Update

California Market Update 2019

California Market Update 2019

With interest rates on the rise, it could place a pinch on homeowners entering the real estate market to purchase. Market Watch article here.

Nearly 60% of San Diego renters “burdened” with rental costs leaving less money for food, medications and other necessities. KPBS article here.

Homeowners staying put with rising interest rates are spending more time on DIY projects at home. Housing Wire article here.

SHIFT-California Market with data and statistics from the California Association of Realtors.

Quick review of California market statistics at a glance.

Jenny's Jungle READING SPACE

San Diego Calendar of Events. Click here.



Stay tuned for more loan programs and real estate updates.







Home Loan Goals

Home Loan Goals

Home Loan Goals

It’s the beginning of a New Year. So begin, I tell myself. My goals and marketing plan are finished (finally) and I’m off to a semi-start it feels like since my daughter hasn’t returned to school yet. I’ve caught up on a lot of work reading material and the market in San Diego is beginning to shift as we’ve seen for several months as interest rates have been on the rise. I’m thinking of all the stories I’ve heard lately on first time homebuyers and their experiences. Some are nightmares, a notary at the loan closing asking the borrowers to come in with more money than the down payment and closing costs due to the loan officers lack of communication. Not ok, ever. I’ve read about and spoken with renters not able to save enough for the down payment and that stay renting, spending large amounts of their income on rent and becoming house poor. There are loan programs available that have payments less than or equal to rent (ahem…California). It’s a fresh start at the beginning of the year to know your options and start saving now or simply understanding the process.

5 Item Loan and Real Estate Review

  1. FHA Loans-3.5% down payment, private mortgage insurance, upfront fee that you can finance into the loan. This loan program allows higher debt-to-income ratios, non occupant co-borrower/signer, and a host of other flexible options to help you get into your first home. Not to mention the 203k loan that allows you to purchase AND renovate.

  2. Grants-They are available. Lenders have access to reviewing the location you’re looking to purchase in along with qualifying you on your income. You may meet both and be offered a grant AND a lower rate. Yay YOU! You’ve got to inquire on this one, now!

  3. Closing Costs-Lenders can offer a slightly higher rate and “credit” you back money towards your closing costs. Your agent can negotiate closing costs with your purchase price. Working with a professional in this area can really benefit your bottom line.

  4. Gifts-Family can gift you money towards a down payment and closing costs as long as the lender understand it is a GIFT and doesn't require repayment. You can receive GIFTS from multiple family members. Ask away!

  5. Real Estate Market-With rates rising, is it a good time to buy? The simple answer is Yes. Lock in a price and rate now and start earning equity and paying off a loan that brings you closer to owning your own home.

Make 2019 the YEAR You Make Your Home Purchase Goals A Reality!

San Diego Housing Market 2018

San Diego real estate

San Diego, California. Undeniably one of the most beautiful skylines in Southern California can be found in sunny San Diego, but as the sunshine tax increases, what will the real estate market bring in 2019? Here’s a snap shot of a few locations in San Diego:

La Jolla Real Estate-November 2018

One of the most desirable locations, La Jolla continues to increase in home sales and price. The area has a 7.1% median sales price increase over last year and a current 7.5 month supply.

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La Mesa Real Estate-November 2018

La Mesa is a highly desirable location in East County San Diego. An increase in restaurants, cafes, festivals and more continue to increase in value to residents. Both the Grossmont area and Mount Helix are surrounded by parks, recreational activities and more!

La Mesa Houses-Grossmont
La Mesa Houses-Mount Helix

North Park Real Estate-November 2018

A dynamic area filled with home grown artisans, cafes, restaurants, parks, festivals and a real flavor for fun in San Diego, North Park has arrived. The housing prices in this area continue to rise.


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Carmel Valley has several communities offering suburban amenities such as community pools, recreation rooms, book clubs, wine nights and much more. The newer shopping centers, restaurants and top schools are a continuous draw to homeowners in this area.

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Wondering what your San Diego neighborhood real estate market looks like? Inquire with us. If you’re a buyer shopping and want to see stats in a specific area, inquire with us!

Women and Housing

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As women enter the housing market in greater numbers, the need for programs that can assist with the down payment and closing costs has increased. Student loan debt impacts women more than men according to RISMedia. Women carry 2/3 of loan debt or $900 billion of the current $1.5 trillion dollar student loan debt affecting millions of Americans. Minority women account for 48% of female student loan debt and struggle to afford home purchases.

73% of surveyed adults believe that the home-buying process is complicated.

Women can benefit from non-profits, mortgage brokers and lenders with programs that can guide them through the real estate and mortgage process. First time home-buyer programs with Down Payment Assistance, adding a non-occupant co-borrower and finding areas that offer HomeReady Programs with competitive interest rates based on the median area income can assist female borrowers.

Women Invest in Housing

Women In Real Estate (WIRE) is an initiative offered to female investors through March 2019 by Velocity Mortgage Capital. Velocity CEO Chris Farr states, “At Velocity, we believe every borrower deserves the opportunity to invest in real estate – especially women, who often have higher credit scores and lower default rates”. Incentives on the program include discounted closing cost fees, free appraisals and lower underwriting fees. Women can build wealth by mitigating risk with a co-borrower. We’ve worked with friends purchasing multi-units together. With a trusted partner, building wealth together can elevate your financial portfolios and offer another source of income for retirement.

Ever thought about owning a multi-unit building or commercial property? There are several loan programs that offer self-employed, entrepreneurs with solutions to purchase investment property and build real estate wealth. Inquire with an experienced lender today.


Increase in Conventional Conforming Loan Limits

San Diego Homes

San Diego, CA-An increase in conventional conforming loan limits and high balance limits may assist more home buyers in San Diego looking to purchase or refinance. The conventional conforming loan amount went from $453,100 in 2018 to $484,350 in 2019 and the high balance is $690,000. Anything higher than this is considered a Jumbo loan.

Loan Limits Increase Across the Nation-Housing Wire

Wholesale mortgage lenders can offer loans for lower credit scores and competitive interest rates to higher tiered credit borrowers. Interest rates have improved significantly over the past week. It may be worth inquiring on a refinance or locking in on a purchase now.

San Diego Borrowers

Borrowers can begin taking advantage of higher loan limits now with many lenders. End of Quarter incentives also include a Free Appraisal when working with mortgage brokers like TRU Financial Services.

Items Needed to Qualify for a Loan

Prepare to send in several income and bank statements when applying for a mortgage loan. Here’s a quick rundown of items needed:

  • 2 years tax returns

  • 2 years W-2’s

  • 2 months bank statements

  • 1 month pay-stubs

  • Copy of Driver’s License

  • Social Security Award Letter (if applicable)

  • Pension Information (if applicable)

Consult with a mortgage loan officer for more details on your specific scenario.


Your Credit Score Questions Answered

Credit Questions

The holiday season is in full swing. You may or may not have shopped the Black Friday, Shop Small Saturday or Cyber Monday deals…phew that’s a lot in less than a week, however may be using your credit card at some point to make purchases. How does using our credit cards impact our credit scores based on balance, paid in full each month and what cards give us the most rewards for our spending habits? See some of the most frequently asked questions from Experian. Click here for more questions answered.

Q: Does Paying Credit Cards in Full Each Month Hurt Credit Scores?

A: In a nutshell, no. You don’t need to pay off a monthly credit card balance to maintain a good credit history. Paying the card off in full each month curbs interest and debt accumulation. This is a good thing to maintaining financial credit risk in the eyes of lenders.

6 Rewards Cards With Huge Sign Up Bonuses For Your Holiday Spending

Q: Do Most Employers Check Your Credit Scores?

A: While many employers pull your credit report, it’s rare they receive your credit score. They must obtain your permission to do this. It is not the only item they take into account when hiring. Education, experience and job history are major factors.

Credit Scores

How To Remove a Bankruptcy From a Credit Report

Depending on what chapter you filed, the Bankruptcy will fall off automatically in 7 or 10 years. If you filed Chapter 7 with some partial repayment towards the debt it’s 7 years. With a Chapter 13, no debt repaid takes 10 years to fall off the credit report. Maintaining consistent and timely payments to rebuild your credit after the bankruptcy is important to lenders. Most require a consistent and solid payment history of 12 months prior to lending at competitive rates. 2-3 years is the average time frame a mortgage lender will consider lending on a home loan after a bankruptcy.

DO:

  • Obtain a secured credit card, use it and make payments or pay-off every month.

  • Obtain a car or installment loan and make the payments on time.

  • Continue to save money in your checking, savings and retirement and investment accounts.

  • Create a financial plan to build your credit back up responsibly.

  • Speak with a mortgage consultant on lender guidelines to obtain a home loan after bankruptcy.

Continue to monitor and check your credit report annually for free or sign up for monthly credit scores and alerts through any of the major credit bureaus: Experian, Equifax, and TransUnion.

High Balance and Jumbo Loans: A Quick Breakdown

Jumbo Loans in California

With the averaged home price in California at $600,000, it’s easy to see how Jumbo Loans have been on the rise. California home prices are double the U.S. Median Home Price of $264,800. Full article here. With interest rates on the rise, we have already began to see a market shift this Fall as home prices have dropped slightly and the average days on the market taking a bit longer. What’s the difference between a High Balance Loan and a Jumbo Loan?

Quick Summary of High Balance and Jumbo Loans in California

High Balance Loans in a High Cost County like San Diego are between $417,000-$625,500 and follow Fannie Mae and Freddie Mac guidelines.

Jumbo Loans have a different set of standards and are not regulated by Fannie Mae and Freddie Mac. They are privately regulated and typically held onto as an investment. They can be more costly and require more documentation, review time and requirements than a Conventional Loan or Conventional High Balance Loan.

California Housing Market

The California Association of Realtors list average Home Sales by County in California here. The Bay Area tops the list with San Francisco averaging home sales at $1.6m this past October. Jumbo Loans and other Non-QM loans such as Bank Statement Loans and Asset Loans have continued to remain in demand. Bank Statement Loans average 12 or 24 months of deposits with an expense ratio variable by lender and have different matrices based on FICO Score, Loan to Value and other lender guidelines.

Thinking about purchasing in one of California’s High Cost markets and looking for a Jumbo Loan? Look for the following in Wholesale Brokers:

  • Compare rates

  • Loan programs

  • Average time to close

  • Service with wholesale brokers that shop your loan among industry giants to obtain highly competitive pricing, programs and service.

Pull Your Credit Score For Free Before You Apply For a Jumbo Loan here.

There are several places to pull your credit for free and review your credit report with a soft inquiry before completing a mortgage loan application. You can dispute any errors, obtain contact information to creditors and have a better picture of your overall credit standing before your credit is pulled on a “hard” lender inquiry. Jumbo lenders will still finance with lower scores, however may require a higher down payment and assets. Higher credit scores will often have better rates and less of a down payment.



Do You Need Earthquake Insurance-Our Partner Relays Vital Earthquake Information for Californians

The Camp Fire is one of the worst and deadliest fires in California State History and at current writing has burned nearly 152,000 acres. Our thoughts and prayers go out to the firefighters, residents and teams of organizations including local government assisting with relief in the Northern California region. It reminds us as homeowners especially how vulnerable we are to natural disasters.

Earthquakes another natural disaster common to California have caused destructive damage to homes, businesses, roads and infrastructure and many homeowners debate whether it’s a worthwhile purchase with Homeowner’s Insurance. Our partner, Amy Hallquist-Hamric provides a video to educate and inform on Earthquake insurance and why it may be just as valuable as the fire insurance we are required to carry currently.

Click here to view Amy’s video on Earthquake Insurance and it it’s the right choice for you family.

Check out recent earthquakes in California here.

The California Academy of Sciences has a list for Earthquake Preparation here.

Develop a Disaster Plan and an Emergency Earthquake kit here.

Be informed and take action to prepare you and your family. Additional resources below for your convenience.

List of Earthquakes in California.

LA Times article on most Californians ignoring Earthquakes.

Ready to go Build a Kit for Earthquakes.

Camp Fire in California

The Camp Fire

One of the deadliest and worst fires in California State History

Is It Time to Remove Private Mortgage Insurance?

Approximately 740,000 homeowners carried Private Mortgage Insurance in 2016. ( US Mortgage Insurance ).

Approximately 740,000 homeowners carried Private Mortgage Insurance in 2016. (US Mortgage Insurance).

Private Mortgage Insurance (PMI) allows homeowners to purchase property with less than 20% down payment helping the lender with reducing risk if the borrowers default. When is it time to check if Private Mortgage Insurance is no longer necessary due to property values increasing? Checking with a real estate agent in your area or mortgage advisor can assist you in determine the value of your home and whether or not it’s time to drop the extra money on your payment every month.

Removing Private Mortgage Insurance

The Consumer Finance Protection Bureau states these important criteria need to be met before dropping PMI:

  • Your request must be in writing.

  • You must have a good payment history and be current on your payments.

  • Your lender may require you to certify that there are no junior liens (such as a second mortgage) on your home.

  • Your lender can also require you to provide evidence (for example, an appraisal) that the value of your property hasn’t declined below the original value of the home. If the value of your home has decreased below the original value, you may not be able to cancel PMI at this time. 

Borrower are eligible to remove PMI if the value of their home has reached 80% loan to value. Checking in with a real estate or mortgage professional can assist homeowners in determining eligibility for refinancing to a conventional loan, saving hundreds of thousands of dollars.

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Take the guesswork out of your Home Value. Inquire with your mortgage professional that has the tools to estimate the value of your home. A FREE service we offer our customers. Remove Private Mortgage Insurance if the value of your home has increased to at least 80 percent loan-to-value.


Home Value Estimator-Determine the Current Market Value of Your Home.

Home Value Estimator

Inquire for FREE today! Leave us an email with your home address. Click here.

Home Warranty vs. Home Insurance-Do you need a Home Warranty?

75% of American Women report being their households usual meal preparer.  (2016, USDA)

75% of American Women report being their households usual meal preparer. (2016, USDA)

According to a survey completed by the USDA which began in 2014 and completed a few years later, Americans spend an average of 37 minutes preparing and serving food and cleaning up in their homes. Increased usage of appliances requires more maintenance and upkeep for longevity. A Home Warranty may assist in curbing a large immediate expense on the household budget. Read full report here. Is a Home Warranty better to purchase before closing on a home purchase or after? We review Home Insurance questions below.

First American Home Warranty Insurance offers the following information on the differences between a Home Warranty and Home Insurance:

Home Warranty-protects many of the home systems and appliances that you rely on daily. When these systems and appliances inevitably fail over time due to normal wear and tear, a home warranty will pay to repair or replace them. You will pay a service fee each time you request service, which ranges from $50 - $100. 

Home Insurance-is usually required by your mortgage lender and protects the structure of your home against risks such as damage from severe weather and theft, secondary damages resulting from some system and appliance failures, as well as protecting you personally from liability in the event that someone is accidentally injured on your property. Each time you make a claim on your home insurance you pay a deductible cost, which is commonly $500 or $1,000. 

Disclaimer: TRU Financial Services encourages our buyers and borrowers to purchase Home Warranty Insurance when buying a home.

Home Warranty 101

Where to Find Home Shut-Off Valves

Top 10 FAQ’s On A Home Warranty

Top 10 Home Warranty Facts

No obligation, free quote. Inquire with us on protecting your appliances and items you rely on the most. Click here.





The New UltraFICO Score-How it Affects Your Credit

New UltraFICO Factors in Your Bank Accounts

New UltraFICO Factors in Your Bank Accounts

If you’ve ever wondered why your bank accounts: checking, savings, money markets are not taken into consideration when reviewing your credit score, they may be wrapped into your credit profile now with Experian’s new UltraFICO Score meant to include behavior patterns of borrowers which include not over drafting on your checking account and managing your money. It’s said to be particularly relevant to consumers with 500-600 FICO Scores and to help elevate the scoring to include behavior patterns that have not been integrated into the scoring system.

Experian, FICO and Finicity have teamed up to help boost borrowers with lower credit scores that may not have credit or are repairing credit. This could be a game changer moving borrowers from not qualifying for Fannie Mae and Freddie Mac loan programs to eligibility. Click here for full report.

YOUR CREDIT SCORE MATTERS

Your credit score matters. It effects the loan programs and interest rates available to you. The Fair Isaac Corporation scores are used by many lenders to determine everything from your credit cards and auto loan interest rates to a home purchase. So, what a good credit score?


Most Americans have a Good or better score giving them the opportunity to access competitive interest rates. However, a bankruptcy, low or no credit, derogatory reporting such as late payments, repossessions, and defaults can derail credit scores. The UtraFICO claims to assist borrowers that may struggle with these issues by factoring in the way they manage their bank accounts. An example is having a $400 balance in checking and a history of no overdrafts could increase the FICO score and bring the potential borrower eligible. The program is set to roll out mid-2019. More information can be found on the Experian and FICO websites.